Elisa Bocchialini

Pension plans may either limit their sustainability approach to commercial purposes or adopt governance practices aligned with sustainability principles, thereby strengthening their Corporate Social Identity (CSI). This paper explores the moderating role of CSI in the relationship between traditional corporate governance mechanisms and pension plans' sustainable investment choices. The study covers a representative sample of Italian pension funds, social welfare funds, and individual pension plans. It employs proprietary survey data collected through ad‐hoc questionnaires for the period 2021–2023, combined with detailed hand‐collected information on governance structures and board members' characteristics. The results confirm the main assumptions of the Upper Echelons Theory, showing that directors' demographic and cognitive characteristics significantly shape the sustainability orientation of pension funds. CSI further amplifies these effects by moderating the relationship between governance attributes and ESG investment choices. The study highlights the role of internal governance mechanisms and organisational culture in the sustainable transition of pension funds and extends the application of the Upper Echelons Theory by introducing CSI as a complementary governance dimension.

The world’s 300 largest pension funds manage assets for more than USD 21 trillion. A strict orientation to environmental, social, and good governance (ESG) in the investment portfolio of pension funds can play a key role in triggering the economy toward a sustainable transition. Can responsible pension plans be an attractive investment opportunity for young people? Since the performance of pension funds depends on the demographic characteristics of investors, other than the financial results of investment portfolios, this study aimed to test the convenience of ESG-oriented pension plans for young contributors aged 20–29 with different risk propensities and attitudes towards sustainability. The analysis was started using accurate data provided by an Italian pension fund, observed from 2012 to 2022. The methods applied were a Monte Carlo simulation of the individual actuarial balances, the expected utility, and the willingness to pay. The results show that ESG-oriented pension funds are convenient for young people who invest in riskier lines. Still, it is sufficient for a light green preference to persuade young contributors to invest in ESG-oriented funds and balanced lines. The results of the study can support pension fund managers in defining and offering appropriate ESG lines suitable for younger investors.

Exploring ‘attitude toward finance’ as a factor predicting financial literacy is a new area of inquiry in academic literature. This study is a preliminary investigation of attitudes toward finance among a sample of students in higher education in Italy. It uses ten focus group discussions as data collecting method. Respondents are a total of 98 learners attending the Faculty of Business and Economics in a large University in northern Italy, majoring in the areas of Finance, Accounting, or Marketing. The aim of this study is to assess the state of the art of the beliefs, feelings and self-perceptions of the target group regarding financial matters and practices, and to generate a questionnaire to measure attitudes toward finance in future quantitative studies. A Chi-Square analysis is used to analyse the collected data and determine if there are significant associations between students’ attitudes towards finance and characteristics like gender, level of study (first or second cycle degree) and faculty major. The research findings suggest that, even in a homogeneous cluster like our study population, the profile of attitude toward finance is not uniform. Overall, no significant differences are found between male and female students. Education level does not seem to significantly affect the construct either. However, the faculty major impacts on students’ attitude toward finance. Policy implications and suggestions for further work are discussed.